[Fredslist] [Promo] Inter-Generational e-Tip: Economy & Generational Behavior - March

Fri Mar 27 13:38:46 EDT 2009

Speaking engagements in March: Phyllis is moderating a program on Gen X and
Y challenges at the Women in Law Empowerment Forum on March 19th. She is a
panelist on social networking at the New York CityBar on March 24th,
facilitator for an ongoing Inter-Generational Conversation group (next date-
March 19th) and will speak to students, part of the Executive on Campus
program, at Baruch College March 17th on corporate culture.

            First in-person meeting of the Optimists' Tribe takes place on
April 2nd. Contact us at pwhaserot at pdcounsel.com for details.

Welcome to

Phyllis Weiss Haserot's

 INTER-GENERATIONAL RELATIONS e-TIP

March 2009

How This Economy Affects Generational Behavior

As I speak to many groups, firm managements, owners, partners and
consultants in diverse knowledge/professional services industries, not
surprisingly a number of newer questions have arisen repeatedly in the last
6-9 months related to the current economic crisis and its impact on
generational attitudes. [Please see the end of this article for definition
of generational cohorts.*] Following are some of those questions and my
thoughts based on generational patterns and studies of behavioral style. 

Q.

Now that the quick-to-change-jobs Gen Yers are staying put for fear of being
out of work (a thought or fear that previously never crossed their minds),
will they adopt the more traditional work attitudes of the older
generations? If so, is this a permanent change?

A.

Gen Y/Millennials are very practical (and can be cynical) as well as
idealistic. They have always asked first "what's in it for me?" Secondly,
despite their easy mobility, they want stability and security. So when they
feel insecure, they tend to stay and work to preserve their positions until
the odds are in their favor again. Many in this generation have been
protected by their parents and other adults such as coaches, unlike
Generation Xers, many of whom, especially the ones over 40, had to fend for
themselves from pre-adult days and in past economic downturns.

            Asking them, the Gen Yers say their objectives and values remain
the same. When the economy turns up, they will revert to their prior
attitudes, but tempered by experience and with their loyalty to employers
more severely challenged. As pragmatists, they will accept reality, but
their formative influences are still paramount attitudinal indicators.

Q.

How will Gen Xers respond to this environment?

What must firm managements do to bridge the leadership gap?

A.

As always, Gen Xers will do what they have to and try to minimize for
themselves the personal/family sacrifices the Boomers made previously.

            Firms will need to increase training and coaching in order to
prepare these inherently autonomously-behaving Gen Xers for
organization-wide visions of cohesiveness and sustainability. Their smaller
numbers than the generation before or after them give the Xers a potential
advantage in work opportunities, but they need to want to take more
responsibility to keep sufficiently ahead of the more ambitious Gen Y/
Millennials.

            Gen Xers need to be more empathetic to the Boomers in order to
get them to "let go" and transfer knowledge and clients more readily and
harmoniously. This is truer than ever, as often compensation systems provide
the opposite incentive and encourage staying as long as possible and
hoarding work. Shrinking of funds may be shifting their retirement horizons.

            The economic pressures have also led to Gen X hoarding work from
Gen Y in order to retain their jobs and compensation.

Q.

How is/will Baby Boomers react and behave in the current environment in
which they are experiencing large financial losses after expecting a
comfortable retirement with options about how to spend their time and money?

A. 

Not surprisingly, given the sharp reduction in retirement funds in Boomers'
portfolios, those who had wanted to continue working beyond the traditional
retirement age anyway are now even more desirous of staying in the
workplace. Many of those who planned to retire from their current positions,
if not stop working entirely, are having second thoughts on the timing.

            To employers, this is good news/bad news. First the good: there
is an opportunity to retain knowledge, skills, mentors, and relationships
not yet transferred to the next generation. The bad news is equally
apparent: Boomers' reluctance to exit causes a bottleneck in promotion
opportunities and disruption of the normal transitioning expectations and
flow. It leaves management and individuals with a more widespread need to
deal with inter-generational tensions and tug-a-war.

            Still today most firm leaders and managers are Boomers and are
caught in the bind of doing whatever is necessary to keep the enterprise
profitable while wanting to treat people who have contributed for many years
fairly. The results often have been unfortunate and bad for overall morale.

So how must firm managements respond?

Times of crisis bring opportunities for constructive change that can
jettison outmoded business models in favor of new ones better suited to
client- and people-focused organizational realities. Purely short term
thinking will be detrimental in the long run. Invite all generations into
the conversation. Listen and take the best combination of short- and
long-term ideas. These times require courage, innovation and a positive
attitude toward change that is inclusive of diversity.

Please continue to send your thoughts, comments and stories my way.

Phyllis

* A reader asked that I include the generational chronology for easy
reference, so here it is. Generations are defined by the similar formative
influences - social, cultural, political, economic - that existed as the
individuals of particular birth cohorts were growing up. Given that premise,
the age breakdowns for each of the four generations currently in the
workplace are approximately:

Traditionalists:                                   born 1925-1942    

Baby Boomers                                   born 1943-1962

Generation X                                     born 1963-1978

Generation Y/Millennials                  born 1979-1998  (under age 30 now)

Phyllis is available to speak at your organization or at firm retreats on
inter-generational relations and organizational effectiveness topics. Call
or e-mail for a list of topics or to custom-tailor your own.

Check out *Next Generation, Next Destination*, our blog about
succession/transitioning planning and the generations. Visit, comment and
subscribe by RSS feed or e-mail.
http://www.nextgeneration-nextdestination.com
<http://www.nextgeneration-nextdestination.com/> . 

For coaching, training and special programs on inter-generational relations
and maximizing the potential of young professionals, call Phyllis for an
exploratory talk or complimentary coaching session at 212-593-1549. See
<http://www.pdcounsel.com/nextgen.html> www.pdcounsel.com/nextgen.html and
<http://www.pdcounsel.com/about.html> www.pdcounsel.com/about.html. We also
provide *Next Generation, Next Destination* succession and transitioning
planning programs and services for baby boomer senior professionals and
their firms.

If you think our e-Alerts address significant issues requiring serious
attention, please forward them to everyone you think would be interested.
Upon request they can receive a complimentary subscription directly.  Send
an e-mail to pwhaserot at pdcounsel.com with "Inter-Generational Relations" in
the subject line. 

Publication rights will be granted with request for permission. 

Phyllis Weiss Haserot

Practice Development Counsel
Consulting/Coach to the Next Generation
Creator of *Next Generation, Next Destination* and *Cross-Generational
Conversation*

Voice: 212-593-1549
pwhaserot at pdcounsel.com  
please visit: www.pdcounsel.com  
and blog http://www.nextgeneration-nextdestination.com
Linkedin: http://www.linkedin.com/in/generationalgenie

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